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5 Effective Ways to Boost Savings

5 Effective Ways to Boost Savings Posted on October 7, 2011Leave a comment

Almost every person who has the goal of saving as much money as possible is or should be open to reading about helpful and easy ways to increase the amount of money they can save. Below, you will find 5 effective ways to give a well-deserved boost to savings.

  1. Link rewards such as cash backs to savings accounts – The money earned in savings through cash back rewards can result in huge boosts with men and women who are accustomed to spending big. Things like Fidelity Investment Rewards American Express Card as well as certain prepaid cash debit rewards have the potential of earning large amounts of money. Every day, buyers can earn as much as 10% of purchases with a lot of prepaid cash debit rewards programs. As much as 2% of purchases are provided to customers who use the rewards program of the American Express card.
  1. Saving incentives – There are many banks offering a fantastic program that quickly builds up money earned in a savings account. This is a program that rounds up the total on purchases to the nearest dollar. The extra money is then deposited into the person’s savings account. There are many banks that will also match savings on these programs in amounts up to $250 on the first three months.
  1. Social networking advantages – There are several benefits provided to teenagers through various sites that provide social networking. Some of them even give parents the ability to match deposits made on savings accounts. Sites like this make it much easier for teens to learn the aspects of finances, create goals for savings and organize their purchases. Another benefit of some social networking sites is money being saved can earn as much as 1.35 percent.
  1. Credit card savings accounts – Earning money on balances that are held in savings accounts has never been easier or more beneficial. Credit card companies are now making it possible for people to earn as much as 1.15 percent on balances saved in these online accounts.
  1. Thinking big can earn more money – Most people are aware that larger amounts of money being held in savings accounts will naturally earn a much higher rate than smaller amounts. As a matter of fact, the difference that can be earned is often as much as 4 times higher. This is however a benefit that most people are not able to take advantage of. This is simply because higher rates are not generally provided except on deposits of $25,000 and higher.

While each of these may not seem like they would be able to earn much money when used alone, money saved from a combination of all of these can add up to be quite a large amount. By taking the time to do a little investigating online, families find that there are several different opportunities for finding higher rates and incentives. In some cases, families can double the amount of money that their savings accounts earn by choosing to stash their cash away in more than one account.

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